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Swiss Academy of Engineering Sciences (SATW) December 2016Authors: Wolfgang Kröger et al. Main themes: risk Nature of publication: white paper The term risk still varies in its scope, and depending on the relevant community may be limited to the consequences of an undesired event or may also include positive aspects and opportunities. There is no universal definition, while the key elements of risk – in particular “probability” and its interplay with other elements – are frequently poorly understood. We are often left perplexed by residual uncertainties which may result from a lack of knowledge or the inherent randomness of events (take earthquake as an example), with the same going for the handling of residual risk. The simple risk concept with a multiplicative combination of frequency and consequence is often considered inappropriate for events with a high level of damage (despite their admitted rarity), asserting aversion to risk – as is for example common in the nuclear sector. These challenges (some old, some new) and touted opportunities were the subject of a workshop in November 2013. The aim of this white paper is to present a collection of selected articles to interested parties.